Real Estate Development Company had recently made a number of acquisitions with unique ownership groups and was unable to automatically create consolidated reports. The process was very labor-intensive and was fraught with inaccuracies.
Brown, Welch, McAllister, LLP created a consolidation process. They started by standardizing the chart of accounts across all companies. They then used the standardized Chart of Accounts and mapped the various levels of consolidation into the accounting software to automate the consolidation reporting process.
The closing and reporting process was streamlined so that management could review the financial information by the fifth business day after month end. In addition, this solution was designed to accommodate future acquisitions and meld them into the current process efficiently.